The other side of that is that tech companies based outside the NYC/SV/Seattle area don't get funded at NYC/SV/Seattle-style valuations. (likely because those cities are where the tech company investors are). And to start a tech company, you do need your company to be based where your developers are.
While I understand remote workers participate less in building the corporate culture, there is no reason you can't have talented developers work for you and supplement your team if you expand your hiring scope to include freelancers or remote workers.
